Changing The Way Travel Industry Works

Travel industry all over the world is using large amounts of data analysis to improve, change and compete in big ways. Take a look at some of the areas that are using travel analytics.

Expenses And Restrictions

Many travel companies spend exorbitant amounts on client entertainment expenses which can bring in greater ROI. These expenses though are difficult to control and therefore using travel analytics to track a client or a group of them may help reduce these hefty expenses. Depending on the data, policies can be amended without affecting customer satisfaction. From customer bookings to employee’s dry cleaning, everything can be tracked in order to minimize expenses and reimbursements.

Curbing Attrition And Vendor Preferences

Losing out on travelers is a big problem the travel industry faces each year. It’s not enough to make decisions on one-sided data, it requires a collection of information before and after a trip in order to analyze it. Data insights show you the preferences of the customer, their spending habits, dissatisfactions and issues they may have faced. Using travel analytics, managers can change policies to offer the best in prices, options and comfort to their travelers. By establishing periods of low pricing based on past trends, dynamic travel policies may be created to attract the customer. Another thing that, travel companies can do is to understand the vendors who are preferred by customers and to work on policies surrounding them.

Reimbursements And Personalization

Reimbursements can be a long-drawn-out process because of the many guidelines involved. By using data insights, this process can be made easier where customers can submit the receipts or a photo of it. Some travel companies use tools that can track a traveler's charges which can be analyzed on a regular basis. The success of the tool depends on the policy guidelines which results in compliance. The mantra in the travel industry is personalization. Travel Analytics can be used to pick a hotel, route, location, flight for a customer based on individual preferences. Personalization also creates some strict guidelines in terms of travel policies.

With data insights, companies can now anticipate future restrictions, guidelines or policies based on trends of the past.